Freedom from Your Timeshare
When you go through the complicated and emotional process of divorce, your frustration can increase dramatically if you need to decide on your timeshare ownership. People often prefer to address their timeshare ownership at the start of their divorce process. Otherwise, there is a chance that your process could be prolonged, making an already fraught process even tougher.
If you own a timeshare and are considering or going through a divorce, here are a few factors for you to consider.
Decide Who Will Claim the Timeshare
If you are in a situation where one of you wishes to keep sole ownership of the timeshare while the other wants to let it go, then you must adjust the names on the timeshare contract. You officially need to remove the name of the person relinquishing their portion. If you fail to do so, this may cause you to suffer from a financially responsibility for something you don’t own anymore.
However, if both parties would like to keep the timeshare, work out a contract in terms of payment responsibilities and rights of usage.
Document the Terms & Have Both Parties Sign
If one of you is opting for the sole ownership of the timeshare, then they will be responsible for all the associated costs. But this cost will still be factored into the overall divisible liabilities and assets. This is more important if you are splitting the contract, as names of both parties are on the contract. For instance, if you plan to trade off the timeshare every other year, and one party (in its turn) misses their payment, both parties will be held liable.
So keep yourself protected and place the agreement in a formal contract. Make sure both parties sign the contract, and it is filed with the courts involved in the divorce agreement.
Plotting a Way Forward
What if neither of you want to hold on to the timeshare property? You may try to sell it off, but this can be a lot more difficult than you might think. Since timeshares are widely available, there is already a huge inventory for sale. Also, when supply surpasses demand, it significantly reduces the value of the timeshare. This may sometimes drop to as low as $1. Thus, people often face difficulties when trying to sell their timeshare.
But if you’ve decided to sell your timeshare, choose only a well-respected company. Needless to say, the timeshare industry is always full of scams, so do as much as you can to avoid falling victim to any of these unscrupulous methods. Be cautious if you are paying some upfront fee to list, or if any company promises you a potential buyer right off the bat.
Nevertheless, your best bet is to exit the timeshare completely. This will also remove the associated obligations. For this, contact a reputable exit company like Timeshare Freedom Group and evaluate your exit options, considering the current ownership situation. When you completely exit the process, neither of the party remains liable for any fee or other future obligations of the timeshare.
Call Timeshare Freedom Group to get out of your timeshare property and get advice from experienced insiders. Call us at (866) 668-6872.